Did the old product understanding checklist say this?

[Maistre Gracey]

Paragraph 5.
"You acknowledge that your purchase of an Ownership Interest is for your personal use as a vacation experience and not for the purpose of acquiring an income or appreciating investment."...

MG

 

[tubtruck]

Probably did, it is one of those legal notices timeshares have to tell you for your protection otherwise unscrupulous operators would be coming out with all sorts of claims about how much money the timeshare is likely to increase in value by over a number of years.

I get the impression, tell me if I am wrong, from the post you are asking this question in a loaded way with regards to letting the property (either commercially or not for profit).

The paragraph you mentioned is in all timeshare deals and is not intended to be addressing this matter, rather educating the purchaser that this type of product is in most cases (Disney the likely exception on past performance but it is a timeshre so must be included) ever to be worth as much in the future as you are about to pay for it so therefore not to be bought as an investment product or treated as an investment opportunity.

 

[Maistre Gracey]

Probably did, it is one of those legal notices timeshares have to tell you for your protection otherwise unscrupulous operators would be coming out with all sorts of claims about how much money the timeshare is likely to increase in value by over a number of years.

I get the impression, tell me if I am wrong, from the post you are asking this question in a loaded way with regards to letting the property (either commercially or not for profit).

The paragraph you mentioned is in all timeshare deals and is not intended to be addressing this matter, rather educating the purchaser that this type of product is in most cases (Disney the likely exception on past performance but it is a timeshre so must be included) ever to be worth as much in the future as you are about to pay for it so therefore not to be bought as an investment product or treated as an investment opportunity.

Yes indeed, I posted this more from a "renting aspect". I was curious if this could be a hint at a changing thought process on renting.

MG

 

[CarolMN]

Paragraph 5.
"You acknowledge that your purchase of an Ownership Interest is for your personal use as a vacation experience and not for the purpose of acquiring an income or appreciating investment."...

MG

We bought in 1999 and the first sentence of #5 on our Product Understanding Checklist reads as you posted.

.....I posted this more from a "renting aspect". I was curious if this could be a hint at a changing thought process on renting.

I doubt it. The first sentence of #6 on that same Checklist is "You may sell, rent, transfer or will your Ownership interest."

 

[Boston5602]

I bought last year ....dated 07/31/06 on the PUA section 5 , just like CarolMN says , it says same as you have.

 

[tubtruck]

Yes indeed, I posted this more from a "renting aspect". I was curious if this could be a hint at a changing thought process on renting.

MG

I certainly dont think so, there is a check list of advice phrases all timeshares must go through for the buyers protection , this is the list, it is not somthing that has any bearing at all on the renting for profit question.All timeshares must give out this advice. This is just the same as they must now provide information on the energy efficency of the property even though it is probably totally irrevelent to the majority of buyers they must still go through it.

 

[Maistre Gracey]

I doubt it. The first sentence of #6 on that same Checklist is "You may sell, rent, transfer or will your Ownership interest."

Not in the new AKV checklist.

Paragraph 6 says:
"You may transfer, or will your Ownership Interest."

The bold is NOT added by me for emphasis. It's bolded in the checklist.

MG

 

[mckryan]

So, you can't even sell your DVC after you buy it? That seems wrong.

 

[Dean]

We've discussed that general info previously. It's in the POS which is the legal document and stems from info DVC is required by FL statue 721 to include. It is an acknowledgment that you do not expect to make money, not that you can't. It stems from the practice of selling timeshares telling people they can buy now and either rent out and/or sell later for a profit. I just had a fried fall for that spiel in MX and she's a fairly experienced timeshare person.

 

[Maistre Gracey]

We've discussed that general info previously. It's in the POS which is the legal document. It is an acknowledgment that you do not expect to make money, not that you can't. It stems from the practice of selling timeshares telling people they can buy now and either rent out and/or sell later for a profit. I just had a fried fall for that spiel in MX and she's a fairly experienced timeshare person.

It's the fact there was a change that caught my attention. I doubt there's anything in the component POS, but I'll look when I have more time.

MG

 

[Dean]

It's the fact there was a change that caught my attention. I doubt there's anything in the component POS, but I'll look when I have more time.

MG

If it wasn't there previously it should have been. Since the rental ability would be part of the legal contract and reducing the overall membership options would require actual approval of the actual members, I don't think this could change to restrict members options.

 

[rinkwide]

So they did remove "sell" and "rent" from the new AKV checklist? Oh please, tell me they did!

 

[DebbieB]

So, you can't even sell your DVC after you buy it? That seems wrong.

Of course you can sell it, it's real estate.

 

[mckryan]

Of course you can sell it, it's real estate.

Well, if they've removed "sell" and "rent" from the clause, you have to wonder.

 

[CarolMN]

Of course you can sell it, it's real estate.

Technically, it's a deeded interest in a lease.

MG - I didn't add the bolding in my quote, either. I copied that sentence verbatim, including the bolding and punctuation.

Interesting that the AKV checklist is different.

 

[Maistre Gracey]

Interesting that the AKV checklist is different.

I do believe it's stiil "legal" to rent your DVC within the set parameters. I also think the change in verbiage shows a new direction of thought about renting at DVC headquarters.

While they may not be able to easily change the POS, I think the new checklist shows discouragement of renting, and may be a tell of future rules.

Perhaps this is not new (don't have the old POS handy), but the new POS clearly states a reservation must be made prior to renting.

MG

 

[Dean]

Perhaps this is not new (don't have the old POS handy), but the new POS clearly states a reservation must be made prior to renting.

MG

It's always said that and it means that you can only rent a reservation and not the points themselves since a non member wouldn't be able to make a reservation. It is not intended to mean you have to make a reservation before agreeing to rent.